Friday, 19 July 2013

Major Gold Producers and Developers - Roger Bade at Whitman Howard

These Reports are somewhat dated, from November 2012 and February 2013 but now seem rather prescient in their focus on economics at lower gold prices.
Indeed Bade seems fairly bearish on gold and the miners
We are on record as arguing that this is a sector steeped in mediocrity. The sector has focussed on production and per ounce valuations for too long and will be forced to focus on shareholders’ returns as competition increases for the investor dollar.
The Major Gold Producers - HERE  - and a review of the article HERE 
A good appendix at the end trending return on shareholders' funds.

The Major Gold Developers - HERE

Of course a turn and upward trend in gold prices may see leverage come back to marginal stocks


Gold Producers reviewed

African Barrick Gold
Agnico Eagle
Alacer Gold
Alamos Gold
Allied Nevada Gold
AngloGold Ashanti
Apex Minerals
Argonaut Gold
Atna Resources
Aura Minerals
AuRico Gold
Aurizon Mines
Avocet Mining
B2 Gold
Banro Corp
Barrick Gold
Besra Gold
Brigus Gold
Centamin Egypt
Centerra Gold
CGA Mining
China Gold International
Coeur D'Alene Mines
Crocodile Gold
DRD Gold
Dundee Precious Metals
Dynacor Gold Mines
Eldorado Gold
Endeavour Mining
Evolution Mining
Gold Fields
Gold One
Gold Resource Corp
Golden Star Resources
Gryphon Gold
Harmony Gold Mining
High River Gold Mines
Highland Gold
Jaguar Mining
Kingsgate Consolidated
Kingsrose Mining
Lake Shore Gold
Luna Gold
Mandalay Resources
McEwen Mining
Medusa Mining
Nevsun Resources
New Dawn Mining
New Gold Inc.
Newcrest Mining
Newmont Mining Corp.
Nord Gold
Northern Star Resources
Oceana Gold
Orvana Minerals
Osisko Mines
Pan African Resources
Perseus Mining
Polymetal Intl
Polyus Gold
Primero Mining
Ramellius Resources
Randgold Resources
Red 5 Limited
Regis Resources
Resolute Mining
Richmont Mines
Rio Alto Mining
St Andrew Goldfields
St Barbara
San Gold Corp
Saracen Minerals
Signature Metals
Silver Lake Resources
Tanami Gold
Teranga Gold Corp
Timmins Gold
Troy Resources
Unity Mining
Veris Gold
Yamana Gold

As a result of our analysis, we would focus on Nevsun Resources (NSU-TSX), Dynacor
Gold (DNG-TSX), Gold Resource Corp
(MND-TSX) and would pay close attention to updates from Argonaut Gold (AR-TSX),
Northern Star Resources (NST-ASX), Rio Alto Mining (RIO-TSX/BVL), Teranga Gold
(TGZ-TSX/ASX), Timmins Gold (TMM-TSX/TGD-NYSE) and Veris Gold (VG-TSX).

Developers Reviewed

Ampella Mining (AMX-ASX) Lydian International (LYD-TSX)
Azimuth Resources (AZH-ASX) Midway Gold (MDW-TSX-V)
Atacama Pacific (ATM-TSX-V) Millennium Minerals (MOY-ASX)
Azumah Res. (AIM-ASX/AZR-TSX) Noble Mineral Res. (NMG-ASX)
Batero Gold (BAT-TSX-V) Orezone Gold (ORE-TSX)
Beadell Resources (BDR-ASX) Oromin Exploration (OLE-TSX)
Brazilian Gold (BGC-TSX-V) Papillon Resources (PIR-ASX)
Canaco Resources (CAN-TSX-V) Paramount Gold (PZG-TSX)
Carpathian Gold (CPN-TSX) PMI Gold (PMV-ASX/PVM-TSX)
Chesser Resources (CHZ-ASX) Premier Gold Mines (PG-TSX)
Colossus Minerals (CSI-TSX) Probe Mines (PRB-TSX)
Continental Gold (CNL-TSX) Rainey River Resources (RVS-TSX)
Crusader Resources (CAS-ASX) Riverstone Resources (RVS-TSX)
Dalradian Resources (DNA-TSX) Robex Resources (RBX-TSX)
Detour Gold Corp (DGC-TSX) Robust Resources (ROL-ASX)
East Asia Minerals (EAS-TSX-V) Romarco Minerals (R-TSX)
Eco Oro Minerals (EOM-TSX) Roxgold (ROG-TSX-V)
Exeter Res. (XRC-TSX/XRA-NYSE) Sabina Gold & Silver (SBB-TSX)
Gabriel Resources (GBU-TSX) Sihayo Gold (SIH-ASX)
Golden Predator (GPD-TSX) Sulliden Gold (SUE-TSX)
Gold Road Resources (GOR-ASX) Sunward Resources (SWD-TSX)
Golden Rim Resources (GM-ASX) Tanzanian Royalty (TNX-TSX-NYSE)
Glory Resources (GLY-ASX) Torrex Gold Resources (TXG-TSX)
Gt. Basin Gold (CBG-TSX)/NYSE/JSE) Victoria Gold (VUT-TSX-V)
Guyana Goldfields (GUY-TSX) Vista Gold (VGZ-TSX/NYSE)
Intl. Tower Hill (ITH-TSX/THM-NYSE) Volta Resources (VTR-TSX)
Keegan Resources (KGN-TSX/NYSE)

In terms of the companies reviewed in this document, we believe that Brazilian Gold
(BGC-TSX-V), Crusader Resources (CAS-ASX), East Asian Minerals Corp (EAS-TSX-V),
Gold  Road  Resources  (GOR-ASX),  Millennium  Minerals(MOY-ASX),  and  Robust
Resources (ROL-ASX) might offer some value.

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